Apec meeting to boost regional free trade: Peru

Lima (Peru), Nov 13 (Xinhua) The upcoming Asia-Pacific Economic Cooperation (APEC) meeting will serve as a stage for boosting free trade in the region, Peruvian Vice President Luis Giampietri has said.”Globalization is a fact and the Pacific Ocean is not a stage aside. Physical distances have been shortened and there is a sustained and growing interrelation between the 21 Apec economies,” said Giampietri, who is also president of the Apec Extraordinary High Level Commission.

Apec members have to face the challenges in a prudent way, he said, adding that a route map to create an Asia Pacific free trade zone is being discussed.

“We are analyzing the bilateral, trilateral and multilateral agreements in the region, to reach a consensus and build new stages in the world,” he said.

Creating a free trade area is directed to “a common aim: an Asia-Pacific free commercial area,” he said.

The Lima meeting, scheduled for Nov 22-23, will help to develop the important aspects to work on and consolidate them, he added.

“The idea of this free trade area has three options: to negotiate a totally new agreement, to unite the bilateral or multilateral agreements that already exist among the economies, and to choose from all the existing agreements only one so the members join it,” Giampietri said.